- New York Business Loans for Disabled Persons - Alvimann at Morgue File
Money to start or expand a small business in New York by business owners with disabilities is available from the state and private sources. Small business grants and loans starting at $10,000 and going up to $300,000 are provided to eligible disabled individuals. This funding can be used to attain self employment, to operate a business and to get trained as a new entrepreneur. Applications are accepted with business plans by each agency and private lender.
Low Cost Business Loans for Disabled Persons in NY
State agencies and private lenders, such as banks and credit unions, provide low interest rate loans to small businesses. These loans are available to minorities, people with disabilities, veterans and to those serving under represented communities. Each agency and private lender has its own eligibility and loan documentation standards to be met by borrowers. These are three of the major loans available to persons with disabilities:
- Small Business Revolving Loan Program - this program sponsored by the Governor of New York provides funds in two ways. The micro loan for less than $25,000 and regular business loans over $25,000. This loan is offered to individual businesses that have problems accessing the credit markets directly. The agency providing funding is the Empire Development Corporation at esd.ny.gov/businessprograms.
- Statewide Zone Capital Corporation of NY – this loans program is funded by the NY Business Development Corporation. To be considered for funds a business must be located within the designated 51 zones. Loans are priced at below market rate and range from $30,000 - $300,000. Money uses include; buying a business, for real estate, equipment and for working capital. The government site for this loans program is nybdc.com/loans.
- Micro loan program - this loan program is designed to help small businesses that have been denied credit by a bank. Loans are funded by the NY Business Development Corporation and range from $50,000 - $150,000.
Venture Capital and Private Lenders Money for People with Disabilities in NY
SBA - The Small Business Administration provides funding to businesses owned by persons with a disability through the Small Business Investment Capital, SBIC programs. These are loans and grants funded by the SBA using authorized and supervised private lenders. These funds are available for businesses owned by socially underrepresented and disadvantaged persons. There are more than 400 SBIC, some of these in New York state. Funds can be use for start up businesses, to expand and to acquire new businesses. Applications and eligibility requirements are located at sba.gov.
Investors Hubs - Private lenders and venture capital money can be found using vFinance, inc. This is an investors’ database that matches borrowers of funds to private lenders and angel investors. The site vFinance.com provides a database of lenders based on specific criteria and borrowing requirements. There is a nominal fee charged per record.
Business and Disability Related Articles
Federal Small Business Money for Persons with Disabilities
Money for Individuals with Disabilities
Resources: Public information at the following sites: SBA.gov, Esd.ny.gov and Nybdc.com
Sylvia Cruz - Sylvia holds Bachelor and Master degrees in Business Administration with majors in Finance and Accounting. She is also a CIA - Certified ...
